Natco Pharma rallies over 8% as US Court rejects stay request on Copaxone

MUMBAI: Shares of Natco Pharma surged higher in trade today after the US Supreme Court rejected rival Teva Pharmaceutical’s request for stay on Copaxone drug.

Natco Pharma is in the process of developing generic version of Copaxone and can launch it in May 2014 subject to the USFDA approval.

Copaxone accounts for about 20 percent of sales and 50 per cent of Teva’s profit. The company generated nearly $4 billion in sales from the drug.

In July, the US Court of Appeals for the Federal Circuit issued a decision in a patent fight that pits Teva against two teams developing cheaper generic forms of Copaxone: one with Novartis AG and Momenta Pharmaceuticals Inc; and another between Mylan Inc and Natco Pharma Ltd.

At 09:50 a.m.; the stock was at Rs 805, up 5.66 per cent, on the BSE. It touched a high of Rs 826 and a low of Rs 756 in trade today.